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Will NVDA stock hit $1,000 in 2024?

Will NVDA stock hit $1,000 in 2024?
Ana Zirojevic

During the last year, Nvidia (NASDAQ: NVDA) has recorded massive growth in the price of its stock, racing from a mere $200 to its current all-time high (ATH) of $700, and stock traders and investors are rightfully wondering if and when the semiconductor behemoth will hit the $1,000 mark.

As it happens, the price of Nvidia shares surpassed the majestic mark for the first time on February 5, rallying amid Meta (NASDAQ: META) and Amazon (NASDAQ: AMZN) snatching up the company’s flagship H100 data center graphics processing units (GPUs) to meet their artificial intelligence (AI) goals.

Indeed, the technology giants are ramping up the efforts to train their large language models (LLMs) with the help of these chips, which are so in demand that companies now have to wait between 36 and 52 weeks to get them due to a shortage in supply, heralding more good times for Nvidia.

Analysts’ expectations

In this context, Hans Mosesmann, a securities analyst over at Rosenblatt Securities, reiterated his bullish goal for Nvidia to reach the price of $1,100 in the next 12 months. However, he is in the minority, as the sum of his colleagues’ expectations sees NVDA at an average price of $687.09 during this time.

It is also worth noting that the investment bank and financial services firm Goldman Sachs (NYSE: GS) has recently raised its price target from $625 to $800 while maintaining a “buy” rating, citing the strength of Nvidia’s AI business and backtracking on its forecast of a revenue drop in 2024 for data centers.

That said, the Wall Street experts have still jointly rated Nvidia stock as a ‘strong buy,’ as 34 of them voted for a ‘buy,’ four recommended to ‘hold,’ and there were no ‘sell’ calls over the last three months, according to the most recent information retrieved on February 8.

Nvidia stock 12-month price prediction. Source: TipRanks

NVDA stock price analysis

Although it slightly consolidated in the following couple of days after reaching the $700 price mark, Nvidia has returned to this range, recording a price of $700.99, which suggests an increase of 2.75% on the day, a 13.93% gain across the week, and an advance of 31.91% in the past month, as per data on February 8.

NVDA stock 30-day price chart. Source: Finbold

Overall, the price action of Nvidia’s stock in recent weeks and months has been nothing short of impressive, recording a steady rising pattern and outperforming 98% of all other assets in the stock market in the last year, as well as doing better than 100% of other stocks in the semiconductor industry.

And although such results make a strong case for NVDA reaching the price of $1,000, experts seem to disagree, which is why it is important to keep up with the relevant developments, carry out one’s own research, and weigh the risks before investing in any asset.

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